Retail in Transition: PwC Canada’s Elisa Swern on Consumer Confidence and Holiday Trends 2025

In this episode of The Voice of Retail, host Michael LeBlanc sits down with Elisa Swern, National Consumer Markets Leader at PwC Canada, to unpack the insights behind PwC’s newly released 2025 Canadian Holiday Outlook—a comprehensive view into how consumers plan to shop, save, and celebrate amid an uncertain economy.

Elisa shares her journey from family retail roots to leading PwC’s national consumer practice, explaining why she thrives on the constant change and curiosity that define the consulting world. She outlines how PwC’s “human-led, tech-enabled” approach helps retailers navigate transformation across strategy, digital, and risk—leveraging a global network of experts while staying grounded in local insight.

Together, Michael and Elisa dive deep into the holiday forecast. PwC’s research reveals a 10 percent year-over-year decline in planned consumer spending, driven by persistent affordability pressures and shifting generational priorities. Gen Z and millennials expect to cut back the most, with Gen Z spending intentions down 34 percent, reflecting record youth unemployment and new life-stage costs such as rent and transportation. Still, Canadians remain committed to family gifting and holiday traditions—just with more focus and less self-indulgence.

The conversation moves to the Made-in-Canada movement, where PwC finds continued momentum in consumer intent to buy local and pay more for domestic goods—particularly among Gen X and boomer shoppers. Elisa notes that while intent often outpaces action, this “national tailwind” offers retailers a meaningful way to connect with values-driven consumers.

Turning to the omnichannel experience, Elisa and Michael agree that “stores never went away.” In-person shopping remains central to holiday discovery, with 56 percent of Canadians citing the ability to see and touch products as a top reason to visit stores. They discuss how leading brands are merging the tactile with the digital—using tools like smart fitting technology and AI-driven recommendations—to blend convenience with connection.

Finally, they explore the emerging role of AI in consumer shopping, from intelligent assistants helping gift-givers to retailer-side personalization platforms integrating seamlessly with these tools. Elisa highlights the opportunity—and risk—of intermediaries reshaping retail discovery, while also noting the growing demand for transparency, data security, and supply-chain resilience across Canada’s retail landscape.

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Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur.  He has been on the front lines of retail industry change for his entire career. 

Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada’s Retail Marketing conference with leaders from Walmart & Google.  He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.

Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.

Rethink Retail has recognized Michael as one of the top global retail experts for the fifth year in a row, the National Retail Federation has designated Michael as on their Top Retail Voices for 2025, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer.  If you are a BBQ fan, you can tune into Michael’s cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.

Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.